N.Z. Forest Bid For Bartholomew
(N.Z. Press Association) AUCKLAND, Dec. 13. N.Z. Forest Products, Ltd, is offering shares and cash to a value of $4.13 a share for Bartholomew Timbers, Ltd, Hamilton. This puts a value of $2,463,760 on the company, compared with shareholders’ funds of $1,207,746. The offer is one Forest Products share (market price 362 c) plus 50c cash for each of the 598,000 $1 Bartholomew shares, the Bartholomew chairman (Mr L. N. Ross) announced today.
Bartholomew directors had given the proposal very careful consideration and a majority of the board recommended acceptance, he said. These shares were last sold at $1.95, with buyers at $2, before the “don't sell” warning was given on November 25. At that time, Forest Products shares were selling at $3.50. The offer is conditional upon 90 per cent acceptance or less at Forest Products’ discretion. Details of the offer will be sent to shareholders about January 7. Acceptance of the offer would increase Bartholomew shareholders’ income from 9 per cent to 10 per cent, apart from the cash element and the increase in market value.
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Bibliographic details
Press, Volume CVIII, Issue 31862, 14 December 1968, Page 22
Word Count
183N.Z. Forest Bid For Bartholomew Press, Volume CVIII, Issue 31862, 14 December 1968, Page 22
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